Shares of Hull-based meat processing giant Cranswick Plc rose about 3% on Monday as it published a first quarter update for the 13 weeks to June 26, 2021, showing revenue was 9.6% ahead of the same period last year.
“Revenue growth also reflected the gradual but sustained recovery of the food to go and food service channel,” said Cranswick.
“Far East export sales were well ahead of the same quarter last year, reflecting strong market prices.
“The China export licence at our Norfolk primary processing facility remains suspended; as previously noted, whilst the technical audits were passed at the site in January 2021, we still await final approval.
“The UK pig price increased by 12 per cent during the period; the average price across the quarter to June 2021 was 9 per cent below that in the equivalent period a year earlier.”
Cranswick CEO Adam Couch said: “We have made a positive start to the year.
“Our capital investment programme remains firmly on track as we build the platform to deliver our long-term growth strategy and we continue to make meaningful progress in delivering our Group-wide ‘Second Nature’ sustainability strategy.
“We also continue to support our customers by delivering excellent service levels to ensure full availability of our products …
“As announced on 18 May 2021, Martin Davey will stand down as chairman at the conclusion of this morning’s AGM.
“He will though stay with the business in an advisory capacity till May 2022.
“Martin joined Cranswick 36 years ago and has been Chairman since 2004.
“Much of what Cranswick is today in terms of its culture and ethos reflects Martin’s character and personality.
“He has been an inspiration, mentor, wise counsel and friend and on behalf of all at Cranswick I would like to thank Martin for his invaluable contribution over the last 36 years and to wish him, his wife Linda and their family all the very best for the future.”
At the AGM, Cranswick confirmed the appointment of Tim Smith as the new chairman.